Get This Home Sold
By Patricia Tan
As I write this article, we have just concluded a very successful “selling season” here on the Gulf Coast. Thanks to our winter visitors, we saw lots of new records being set in terms of the number and value of home sales. But what about those owners whose homes did not sell, or those who are just considering listing their home for sale now?
Here are some of the steps sellers should take as they consider putting a property on the market.
Establish the Reason for Sale
Understand why you are selling the property. Is this a decision made solely upon your own personal requirements, or is it being dictated by market conditions? Do you believe the market has peaked and you want to realize your profit at this time? For an investment property, have you seen rents tightening leaving little opportunity to increase your cash flow? If you are a foreign owner, the recent strength of the US Dollar against your home currency may make this a great time to sell and repatriate funds.
Define your Needs and Priorities
Your needs will depend on your reasons for sale. Timing of a sale could be a particular priority if you have plans for the funds realized from the sale, or if you have a job move for instance. This time of year we tend to see a lot of families looking to make a move before the start of the school year.
Set a Price
Work with your listing agent to determine the best possible selling price for the property. Setting a fair asking price initially will generate the most activity from other real estate agents and buyers. Your agent’s knowledge and expertise will be invaluable in helping you to understand the overall market, prices achieved for recent sales of comparable properties, and how long properties are typically on the market before sale. It may be hard to be objective about pricing something you personally own, and take into consideration the true condition and value of the property. It is important to consider “Value versus Price” – how much you may value the property versus how much a buyer might be willing to pay for it today. Buyers are well informed about the market and may know if a property is overpriced.
Prepare the Property
The condition of the property will affect how quickly it sells and the price it achieves. Preparation can be looked at in two areas – repairs and impressions.
You should identify any necessary repairs and replacements and take appropriate actions – make the repair, replace the item or disclose it to potential purchasers. Your agent will give advice on how the property should be presented in order to make it more appealing to buyers. Simple actions like de-cluttering, neutralizing the space (removing personal items and pictures), removing a few pieces of furniture to give the impression of more space and other staging tips can be invaluable at this point. Hide or replace items that will not convey with the property. This is of particular importance if you are offering the property turnkey furnished.
Remember that first impressions last, so spend some time and money making sure your property creates a lasting first impression, and sets the tone for a successful showing.
On the exterior of the property:
Keep the grass cut and remove all yard clutter
Weed and apply fresh mulch to flower beds
Paint wooden fences
Clean, polish, and tighten all door handles
Clean windows
Power-wash driveways and paths, roof, soffits, etc.
Ensure all gutters and downspouts are free from debris and functioning
Paint the front door
Buy a new welcome mat
Place potted plants near the front door
Inside the property:
Clean and organize cabinets, closets and bookshelves
Clean all light fixtures and ceiling fans
Steam clean carpets and tile flooring
Remove excessive decorations, knick-knacks, and personal photos
Clean or paint walls and ceilings (light neutral shades)
Replace any worn door or cabinet hardware
Establish a Showing Strategy
This is especially important if you live in the property or it is rented to tenants. Showings should be by appointment only so the property can be prepared. Be as flexible as you can in setting showing times. If a buyer is from out of town, you may not get a second chance for them to see your property. Always ensure the property is vacated for a showing. A buyer will not feel comfortable spending time to really look at the property if a seller or tenant is present. Buyers may not share their true feelings in front of others.
Here are some tips to ensure that prospective buyers see the property as positively as possible:
Turn on all the lights
Open all drapes and shutters during the day
Remove any pets from the property during a showing
Deodorize the property and keep it smelling fresh
Place new, decorative towels in the bathrooms
Install new bed coverings
Replace old lamps or lampshades.
Set the dining table
Light the fire or clean the fireplace and place a decorative candle arrangement there
Play quiet background music
Above all, work in partnership with your listing agent to ensure the property is priced properly, shows well and sells in a time frame that is acceptable to you, and at the highest possible price.
[1]Patricia Tan was born in England, and her career in international sales and marketing led her to live and work in many countries around the world before moving to Sarasota in 1997. Patricia is a Certified International Property Specialist (CIPS), Graduate Realtor Institute (GRI), and Transnational Referral Certified (TRC). She is involved in global activities of the Sarasota, Florida and National Association of Realtors, and currently serves as NAR President’s Liaison to U.K. Her real estate business operates from Coldwell Banker on St Armands Key, where her focus is to bring international buyers to the local market. She regularly makes marketing trips to Canada, Asia and Europe, to promote Florida’s Gulf Coast and the Sarasota area in particular. Patricia may be reached at 941-504-9232 or Pat@PatriciaTan.com [2].
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